I&L Market in Poland
Market
Insights
Market Insights
I&L market in Poland
Q1 2025
Key
indicators
Stock
New supply
Space under construction
Gross demand
Pre-let level in schemes under construction
Vacancy rate
59.3 %
1.1 M m2
34.8 M m2
673,000 m2
1.4 M m2
8.5 %
General overview
The start of 2025 has brought further signs of the market entering its maturity phase. Its growth has slowed but is still at a relatively high level. The market enjoys high occupier interest, but the structure of demand has changed significantly. These trends are expected to continue throughout 2025.
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0
Stock and vacancy rates in the core voivodships in Q1 2025
Warsaw
Net demand and renegotiations in Q1 2025
Share of each agreement type in gross demand in Q1 2025
Map
investments
Selected leasing transactions in Q1 2025
Selected parks under construction in Q1 2025
Selected parks delivered in Q1 2025
Accolade Funds Park Szczecin I
Pierce
38,400
Renegotiation
Prologis Park Błonie
Iron Mountain
30,800
Renegotiation
P3 Łódź II
OBI
50,600
Renegotiation
7R Park Lublin 57,500
CTPark Radzymin East III
53,700
Booster Zabrze by LemonTree
108,600
Panattoni Park Sosnowiec Expo
62,100
MLP Zgorzelec
50,100
Hillwood Poznań-Czempiń
53,700
P3 Wrocław
92,300
GLP Wrocław V Logistics Centre
67,500
EQT Exeter Park Wrocław South III
50,600
General
overview
The total stock of the industrial and logistics space market has reached almost 35 million m2. It is the most developed market in the entire CEE region and represents significant competition to Western Europe. Despite entering the next phase of development, it is worth mentioning that it is a relatively young market. Almost half of its stock consists of facilities delivered since the beginning of 2020.
In Q1 2025 gross demand amounted to over 1.1 million m2, an increase of around 15% year-on-year. At the same time, renegotiations accounted for a very high proportion of demand, amounting to as much as 56%, thus net demand declined year-on-year by around 18%.
Rental rates have stabilised. They currently fluctuate depending on the market, locally increasing slightly or registering decreases, which does not represent significant year-on-year changes nationally
Since the beginning of 2022, the vacancy rate has been on an upward trend and since Q3 2023 it has stabilised around 7% - 8% to reach 8.5% at the end of March 2025, which was the highest value in more than a decade. By the end of the first half of the year, there will probably be a slight increase in vacancy rates, however, in the second half, due to limited new supply and a high level of pre-letting in facilities under construction, this indicator should be compressed.
As a result of the increased availability of industrial and logistics space, developers have reduced new projects. Since the beginning of 2024, construction of around 300,000 - 400,000 m2 has started every quarter, while in 2022-2023 the volume averaged around 800,000 m2. This has resulted in a decrease in the volume of space under construction to 1.4 million m2. The entry of a new large developer looking to rapidly increase market share or a drop in vacancy rates could potentially contribute to an increase in the number of new projects in the coming quarters.
Source: Adobe Stock
Source: Adobe Stock
Source: Adobe Stock
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Legal disclaimer
This report has been prepared by Colliers as a professional real estate advisory service provider, having the knowledge, experience and skills necessary to conduct this type of analysis, assisted by the team with relevant education and professional qualifications. Colliers has adopted the data and information available on the market and gathered from reliable sources as the basis for all analyses and calculations performed to prepare the report, taking into account the due diligence and professional nature of Colliers' activities. Colliers has accepted the baseline data collected as correct and in accordance with the facts. Colliers takes no responsibility for the accuracy, reliability or completeness of the documents and information on which the analyses included in the report are based. This document does not constitute and must not be treated as investment or valuation advice or an offer to buy or sell a property. This publication is the copyrighted property of Colliers and/or its licensor(s).
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Poland
Contacts
Dominika Jędrak Director Market Insights +48 666 819 259 dominika.jedrak@colliers.com
Antoni Szwech Senior Business Analyst Market Insights +48 882 014 537 antoni.szwech@colliers.com
M Park Brzeziny, źródło: LCP
Year-on-year change | Source: Colliers, data as of Q1 2025.
Click on the dot to view a list of projects in that location
25%
20%
15%
10%
5%
0%
Masovian regional
Silesian
Łódzkie
Lower Silesian
Wielkopolskie
Pomorskie
West Pomeranian
Lubuskie
Małopolskie
Total stock
Vacancy rate
Vacancy rate
Forecast
10%
8%
6%
4%
2%
0%
Vacancy rate, Q1 2021 - Q3 2025 (average forecast)
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Q1 2025
Q2 2025 (f)
Q3 2025 (f)
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
0
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Q1 2025
Net demand
Renegotiations
Renegotiations
57%
New deals
36%
Expansions
7%
New supply Q1 2021 - Q3 2025
2,500,000
2,000,000
1,500,000
1,000,000
500,000
0
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Q1 2025
Q2 2025 (f)
Q3 2025 (f)
Share of individual tenant sectors in gross demand in Q1 2025
24%
4%
4%
5%
6%
6%
35%
16%
Production
9%
3PL
Retail
Distribution
E-commerce
Automotive
FMCG
Others
Engineering, construction & machinery
Source: Colliers, data as of Q1 2025
Auchan Wolbórz
Auchan
34,800
Sale and leaseback
Prologis Park Chorzów
Moto-Profil
55,900
Renegotiation
Panattoni Park Zgierz
68,800